So what's the latest market info for Atlantic County?
We are continuing to see a downward trend in the total number of homes sold. There are many reasons for this continued decline.
Certainly, the tightening of the credit markets is a large reason. The loose lending practices of the past are gone. There has also been an increase in the interest rates over the last couple of years and when interest rates increase, Buyers qualify for lower mortgage amounts and cannot pay as much for a home.
We also have to consider that from years 2000 through 2007 we experienced a 232% increase in average sale prices. Let's face it, the average income increase of the buyers in Atlantic County was no where close to that kind of percentage.
With a large percentage of our employment base being related to the casinos, the income increases are a modest reflection of the consumer price index.
Market Trends - Properties Sold
Atlantic County - All Classes
January 1 through July 10 Period in each respective year.
2006 - 2466
17.3% decrease
2007 - 2039
29.5% decrease
2008 - 1438
Total Decrease over Two-Year Period - 41.7% decrease
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